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Brent: Sellers Targeting $42.20

On Monday Brent closed at $46.15 per barrel. The price gap was +1.8%. Oil was up due to the Saudi minister for oil losing his positions and the forest fires in Canada. On 7th May, the Salman of Saudi Arabia, Salman, bin Abdulaziz Al Saud, dismissed the chief of the ministry for oil, Ali al-Naimi. The ministry for oil was replaced by the newly created ministry for energy, industry and mineral resources, headed by oil company Saudi Aramco.

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Thursday’s Euro Target: 1.1415

Yesterday’s Trading:Wednesday’s close saw the euro down against the dollar. The pair couldn’t continue its growth after US labour market data for the private sector came out. The ISM index and manufacturing orders kept the dollar from falling.

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Pinbar Formed on Daily

Yesterday’s Trading:By the end of Tuesday, the euro/dollar was down. In the first half of the day the USD was down against the majority of key currencies, excluding commodity currencies. The euro/dollar was up to 1.1615 due to a fall in European stock markets and a growth in Eurozone March producer prices. The price was above 1.16 for no longer than 20 minutes. The weakening of commodity currencies ended up stronger than any news factor.

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Yesterday’s Trading:Due to a restoral of oil prices and a weakening of the USD, the euro/dollar on Monday lifted to 1.1331. Trades ended at 1.1312. The oil market pretty much fully found a way to win back the morning’s losses following OPEC’s failed meeting in Doha. A rise in the price of oil was made possible by worker strikes in the oil industry in Kuwait. 13,000 people are protesting against a reduction in wages and social benefits. Kuwaiti oil production fell by 1.7 million barrels per day to 1.1 million barrels.

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EUR/USD's advance contained by weekly PP

Pair's OutlookAs expected, EUR/USD's development, prior to the ECB event later on Thursday, remained relatively calm on April 18. Yesterday the added value amounted to only 12 pips, while the similar situation being observed on early Tuesday morning. We see the weekly pivot as the first noticeable resistance at 1.1327 and in the short-term the pair is likely to terminate around here. We would allow for a medium-term slippage in the direction of 1.12, where the monthly pivot coincides with the 55-day SMA and weekly S1 for the moment.

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GBP/USD attempts to climb over 1.43

Pair's OutlookThe Sterling surprisingly recovered on Monday, due to the European stock market rebound triggering demand for riskier assets. As a result, the Cable completely erased last week's gains, also breaking out of the falling wedge pattern earlier than anticipated. The bullish momentum is now likely to prevail, leading the exchange rate closer towards the resistance line at 1.45. The closest area to limit the gains is represented by the weekly R1 at 1.4339, but we should not rule out the possibility of the fundamentals pushing the GBP/USD pair back towards 1.42, as technical indicators retain their bearish signals in all timeframes.

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Yesterday’s Trading:Economic data from the US on Friday was ambiguous, allowing the euro/dollar to rise to 1.1316. The New York business activity index exceeded expectations. The index for industrial production and the university of Michigan’s index were worse than expected.